Meta 1 Scammers Hit With $22.6 Million SEC Penalty
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- The founder of the Meta 1 scam has been fined $22.6 million by the SEC.
- The investigation, which lasted two and a half years, ended yesterday when the decision was issued
- Co-founders Robert Dunlap and Nicole Bowlder are on the hook for 98 percent of the $27 million in fines.
The founders and partners of the outlandish Meta 1 scam have been fined $27 million for the illegal sale of securities. In yesterday’s ruling, the judge slammed the Meta 1 team for outright lies and cataloged their blatant misappropriation of investors’ money over four years, which continues to this day. A judge upheld the project, which claimed to be a “coin for humanity” and is backed by billions of dollars in gold and art. the actions caused a global loss to investors.”
Meta 1 has been on Fullycrypto’s radar since its ridiculous paper appeared on our desks in 2020, even though the scam had been running for two years by now. Meta 1’s promises were many and strong – the value of the coin would only go up to $50,000, the project would have the world’s fastest blockchain, and the company would have its own laboratory to test the authenticity of artworks. it bought.
As for what the Meta 1 actually did, this was “explained” in the release:
META 1 coin is a coin for humanity, built on a framework of smart contract abundance. It is invulnerable on the blockchain and ensures appreciation and never devaluing. META 1 COIN has a Private Bank and a Private Exchange that ensure liquidity, security and stress-free transactions.
“Support” of billions of gold and works of art.
Originally, the Meta 1 coin was said to have backed a $1 billion art collection and $2.2 billion in gold loot, growing to a whopping $8.8 billion in December 2021. Of course, no evidence was ever offered to back it up, but that didn’t stop Dunlap, Bowdler and the rest of Meta 1 – team to raise $15.2 million from at least 800 investors in 40 states and eight foreign countries.
In March 2020, an SEC investigation was launched to investigate the allegations made and conduct a thorough investigation to trace the funds raised and spent by the Meta 1 team. The final ruling pulls no punches, accusing each defendant of “splitting behavior,” especially since Dunlap and Schmidt rejected the SEC’s jurisdiction and threatened it along with the court.
“Repeated, gross fraud”
The judge went on to say that the four defendants “demonstrated repeated, egregious fraudulent conduct” and raised money by any means possible through bogus online legal courses, merchandise, Zoom calls and in-person conferences. This was in addition to the millions brought in from the sale of scam crypto, with money pouring in from both crypto and fiat investors.
Dunalp and Bowdler routed it through different bank accounts, simply closing some and opening others as needed or finding other people to move the account on their behalf. Or just buy cars and pay the bills with it.
Meta 1 passed case against them
All of the individuals targeted ignored all of the SEC’s requests for information throughout the investigation, and their actions left the judge with little choice:
For all of the foregoing reasons, the court should impose severe penalties on each defendant that are at least the required amounts.
This he did, and the severest punishments were reserved for Dunlap:
The SEC finally closed the case after two and a half years of thorough investigation, so now they have to collect the money. When the Meta 1 crowd doesn’t even step on the field, let alone play ball, finding and getting their money back can be just as long and arduous as settling their debt.
In the meantime, there’s no sign of Meta 1 slowing down. They have a conference planned for tomorrow and continue to buy advertising space in online crypto newspapers, promising the globe and delivering nothing. Until the SEC finds some way to actively shut them down, they seem to continue indefinitely.